KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 Registered Charity No.. 1061344 RegisteTed Company No.. 3317563 KEYCHANGE CHARITY ANNUAL REPORT & CO]YSOLIDATED FINA]YCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2023 *ACHFP762' 0111212023 COMPANIES H(YJSE
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KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED31 MARCH 2023 CONTENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Page Reference and Administrative Infom)aiion Chair's Siaiement Rew>rt of the TrtLSttts (including Str&e8ic Rep)rt) 5- 14 Independent Auditorfs Report 15-18 Consolidated Statement of Financiai Activities 19 Balance Sheets Consolidated statements of whflows 21 Notes to the Accounts 22-39 (page- numbering may be subjeci io cknige)
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED31 MARCH 2023 REFERENCE AIYD ADMINISTRATIVE DETAILS FOR THE YEAR ENDED31 MARCH 21Y23 Trustees.. The Trustees who serv&J during the fina187 year and to the date ihe Rewrt of the Trustees was signed were as follows: Maddy Thomson (Chair from 1° April 2021) Rosemary Milner Tim Cotterall (Vice Chair) Ayub Khan Selina Lau Tim ROrtS (Hon. Treasurer) Nicholas Johnson Nicholas Leggen Rebecca Srocknian Stefan Cantore lan Bird Joan Henshaw (Resigned 28. SeNeJnber 2022) Trustees are ap)inted by the Board of Trstee5 in a grat meeting. The number nrdrest to one third of Trustees shall rdire by rotsiion at each Annual General Meeting and ihey may offer themselves for re- election. Senior Leadership Team Chief Executive Interim Chief Executive Benjamin tknwning (from l December 2022) Martin Farrow (frown November 2021) Paul Kelly (from 30 June 2022) Head of Finance Sharon Jackman Operations Manager Brian James {Until March 2022) Qualiiy Improvement and Safeguarding Lead Rebecca Chaplin Facilities Business Manager Peter Clark Address and regisi¢red Office 5 Si George's Mew5 43 Westhiinst¢r Bridge Ro&1 London SEI 7JB Sayer Vincent LLP Invicta Hovse. 108-114 Golden Lane London ECIY OTL Audilors Banke Barclays Bank plc 29 Borough High Street. London SEI I LY Natwest Bank pl¢ I Penn Roa¢1 Beawisfield Buckinghamshire HP9 2PU LLxlder5 SolicitOT5 LLP Number Ten Elm Court. Arden Stred Stratford Un Avon. Warwi¢kshire CV37 6PA Russell-CcM)ke LLP 2 Putney Hill London SW15 6AB Solicitors Company No.. 3317563
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 Charily No: Company SecretAry l(X)61344 Shamn Jacknian
KEYCHANGE CHAIUTY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED31 MARCH 2023 CHAIR'S STATEMENT FOR THE YEAR ENDED31 MARCH 2023 Keychange is a Christian Charity, Creating Caring C(Mnmunitie& In all we do. we seek io serve those who live in our communities with love. This annuat report deals with the fornial and legdl reFIng wuirements of the Charity and Company in terms of GovematKe. Finances. Poli¢14 A¢iiviiie4 AudiL Risks Re5erve5 aTrJ we knFe you find all the infonnation clear. accessible. thj Fx)sitive. With a legacy sireiching trAck over l(X) year4 Keychange was fomed with a clear mi55ion of CTeating Caring Communities for those who live in our communities, as well &$ iheir families, our colleague5, our volunteers, and our friends. Trylay. Keychange op2fdies resideniial care communiiies for older F*ople and residential communities for homeless young people across England bd on that very eihos. Through creating Ihe right environment and atmosphere throughout our wmmunities. we share a comTnon unity together and become acommunity. Our Value5, Behaviour5 and Stsndards are linked to ourchristian ethos and heritage. We build on a foundation of Ixlief that God is gwd. thai his love endure5 and ihat he is and will be faithful to all those thai live or play a paTI in our wmmunities (Psalm I) v 5). In that coniext. our aspiration remains to provide the be quality care and support we can. Th¢ last 12-monihs h&$ proved to be one of transition and challenges for Keychange and the care sector &$ & whole as we have wniinued to serve our ¢ommunilies as we slowly emerge from the impact of Covid. The Trustees and I remain eiernally grnteful forall the hard work our colleagues, and voluni¢¢rs have done &s ih¢y focus on the needs of others during this m05t difficult time. Alongside the challenges. there have been many joyous moments shared in and across our commurtities. Our fortnightly 'Praise Prayer and Tog¢therness' sessions is one example how we have continued io connect people and communities across the organisation and county. We thank God for the ability 10 conne¢L praise, and share in this way. A5 chair of tTU5tees. l am pleased of the work of interim CEOS, Martin Farrow Paul Kelly during the yedr. l am also thankful for the FeTTnaneni Tecruitsneni of the CEO Benjamin Downing who began his rol¢ in December 2022. 1 am proud of ihis strength and aspiration within the organi58tion but also of the Strong and cO$1ve trustee group who are enihusi&siically commitied io directing the next stage of the journey for Keychange. The organisation is excited au¢ whai ihe future holds foTour communities. and we have a desire to grow our iTnpact and see transfomiation. Whilst we face 0ratIng challenges and continue to work in the afterniath of Cowd. we are fo¢ussing on a stronger sense of purwse for our mission, and a soluiion fo¢ussed mi1$et ihat will drive positive change across Keychange and wherever we are working. Maddy Thomso Chair of Trustees
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED31 MARCH 2023 The Trw%ie¢s, being the company's directo. present their annual rewrt on the affairs of the charity. together wilh the Accounts and Audiiorfs Rewjrt for the year ended 31# March 2023. The infomiation included on Pag¢ 2 form5 part of the Tru5tees' RetM)rt. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP)-Accouniing and Reporting by Charities- issued in January 2015 in preparingthe annual report and financial ststemenis ofthe charity. The finarKial statements Comply with all statutory requirements ar the requirernents of the ¢harity'5 governing d(Kument. What we do Our obje¢ts. as Stated in our Memorandum of Asscciation, are.. a. The advancemeni of the Christian religion b. The relief of persons who a in need by reasons of their ag< infirniity or finarKial circumstaT)ces.' and . The promotion by such means as are consistent wilh new life in Christ Jesus our Lord of such other charitable purposes in accordance wih the d(ttriDal basis of the Charity Keychange is a Christian Chariry. Creating Caring Cornmunitie5. We fulfil our object by providing care and support for older people and young homeless [ople. Our vdlues and behaviours are EoseAI on Christian principles and linked to the bible. We try io follow Jesus Christ's example of giving practical love and compassion in our residenlial ca communities for the elderly and residential supported accommodation for young adults. We firnily IKlieve thai creating a caring community for all rtople to live and work alongside one another improves iheir physical, emotional, mental and spiriiual well-being. Presenily we provide care and suprM)rt in eleven care homes and two homele55 housing s¢tting5 totslling 284 i*ds. Governing Documenls Keychange is a registered charity a1 a registered wnpany limited by guarantee. It ts governed by its memornndum and articles of association dated 23 Novemlxr 1996. Key¢hang¢ Charity is affiliated to the Evangelical Alliance. Trusttts and Leadership Team Trustees a appointed by the Board of Tntsiees in gener meeting. One third of Trlee5 retire by rotation ai each Annual Genernl Meeting and may offer themselves for re<lection. Our individual Trustees share broad mix of skills appropriate to the governance respotLsibililies of the Boatd and the objectives and activities of Keychange. We complete a Tegular audii of ihe5e skills ioensure ongoing effective governanc leaderthip and working with the Senior LeadeTship Team. Potential new TnleeS are invited to attend a Truet$. meeting as an obseryer. visii one of our communilies, and be inierviewed by the Chair. On acceptance of a formal invitation there 15 an induction program led by ihe CEO. and if relevani referrnl to the Charity Commission's relevant guidance. Joan Henshaw, who had served as &trstee forseveral years resi£tKd on 28 Septemb¢r 2022. The remaining trustees bring significant skills and experience in So¢ial Care. Sirniegy, Governance. Faith arml Communilies. Martin Farrow was interim Chief Executive from November 2021 Ltntil June 2022. Paul Kelly took over the interirn CEO role until Benj8Jnin t%)wning was app)inted as the new CEO from l D¢¢¢mbei 2022. The Senior Leadership Team tncluded Peter Clark {Facililies Business Manager). Sharon Jackman (He&l of Finance), and Retrca Chaplin Is interim Operations Manager. (the previous owat1or Manager. Brian James left the organisation at the end of March 2022).
KEVCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 Organisation•l Structure The Trustees detemiine the strategy ar policy of the charity and get more involved in sp#ific areas by being part of a Working Group. These Groups (shown lOw) review progress awdinst existing plans and formulate potential new recommendations lo the Board, whi¢h meets four times per year. Ea¢h group comprises Trustee5 and Senior Leadership Team members wilh the appropriate skill seis. Ai present ihe four WoTking Groups and the Trustees involved in each aTe as follows: Quality and Safety - io monitor. review and report on caTe and support operations. Care policy. quality improvement and insErtion rewrts. Nicholas Johnsi)n (Chair). R05h Milner,. Nicholas Leggett and Siefan Cantore. (SLT lead- Rebecca Chaplin). P¢ople and Organisational Develorxnent- to fc¢us on HR and organisation developmeni of the organisation including retention elc. Siefan Cantore (Chair), Selina Law Rosh Milner. and Nick John50n. (SLT lead- Sharon Jackman) Finance & Fa¢ilitie5-to monitor. review and reFKJrt on the financial perforn)ance and risks. along with the stste of property. facililies, IT and Health and Safety. Tim RoEerts (Chair) Tim C(stterall' Ayub Khan. and lan Bird. (SLT lead- Sharon Jackman). Strategy - io develop and improve our orgdlli5ational vision. strdtegy. functions atKI governance and develop our futur¢ direction. Tim Cotterall (Chair) Maddy Thomson. Ayub Khan. Rebecca Srocknian and Tim RobeTts. (SLT le3d- Benjamin Downing) Day to day management is delegated to the Senior Leadership Team with regular contact to the Chair. The Senior t£ader5hip Team oversee the strdiegic plan delivery. developments, Is well &s the operational day to day leadership and management of our mission. wjlicies aTKI perforniance. The wider Keychange Leadership group includes SLT along with our communities Managers and Deputy Managers. Thi5 leadership delivers core mission and work of creating caring communities for high quality care and supwrt. They lead their tewns of stsff in ea¢h locaiion. Our Central Office Team seeks to support. enable, empower and equip our Communities. leaders in terms of Quality Improvement, Leadership, HR. Facilities, Finance. Health & Safety. RecruitmenL Administration, Publicity, S(Kia] Medii amongst many others. There are role descriptions, person SFecification and pay $e5 for all staff, which are reviewed annually as part of the budget priKess. Where apprOprie these take account of London based sblaries in the charity sector for similar posiiions. Related Parties and Conneeted Chrities Under various uniting dire¢tives issued by the Charity Commission the following communities are seen as linked ¢hariiies and their financial aclivilies have been amalgamated into Keychange Charity in the attached financial 5talemeniS: AlexaDder House, Wimbledon.. This is a subsidiary charity to Keychange Charity. Cresslnghxm Hous< W4ll&sty'. This is a subsidiary charity io Keychange Charity. Erith Hous& Torquay: This is a subsidiary Chariry io Keychange Charity Plymouth and Di5¢ri¢t Free Chyreh Women's Couneil. The Mount EveDtide Homfy Plymouth.. Thi5 was a subsidiary charity to Keychange Charity. operntions ceased in 2019 and the property ai the Mount was finally sold in June 2021. As there is longer any substance to this former subsidiary it been removed as a linked ¢harity on 18 April 2023 by the Charity Commission. Durin8 the year to 31 March 2021 Keychange absorbed ihe financia] affaiT5 of Overdale operaiing a care home in Sheffield. li also acquired Siumpwell Hou$irtg Association operating a ¢are home in Penn. Buckinghamshire. It was not registered as a ctwity so this is showm in the financial statements as a subsidiary and group accounts art therefore prepared io inclLbde these in the Key¢hange group. Further legal work is underway> having registered it as a company limited by guaraniee. to have ii registered as a charity.
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 Objective5 and Activities The objects of ihe charity are as stated in its Memorandum of ASlatIOn aNI are listed under 'What we do. on an earlier page. The mission of Keychange Charity is to Crea Caring Communities by providing care, supp)rt, ac¢eplan¢e, Ènd Chri#ian ¢ommunity tople in need. This forms the basi5 of our vision and the strai¢gy that SUPFK>rt5 IL The Board and ihe Working Groups referred io previously. regularly review our vision. ststegy. achievernents, and urthte details and iargets for the future. across the strategy tkne5 and these broad long-terni go5. Continually improve the quality of care and 5UPP)fl lo all those living in our communilies. and their families. Ensure the quality of our property portfolio and infrastructure. are fit for purFx)se and to equip ihe preTlliS¢S and staff wjability to tl* highest level. Access opportunities for new la1 aclion projects and to continue to be on and responsive to operating new residential care homes for the elderly where this enables, or does not run contrary io the siaiemeni above. Have a coordinated financial strategy io maximise financial viability to generate Surpluses to re- invesi in our mission and strategy. As well as to minimise financial dependence on government funding and to make chorges at appropriate levels in ihe ¢ontext of th¢ gen¢rnl economic conditions. prevailing I1 market and the levels of care provided. Be proactive in establishing new partnerships that will enhaniz the work of Keychange. Ensure that all communities are managed and Irad at a senior level by professional, comFtent leaders and managers so that our mission of Creating Caring G)mmunities by providing the best qualKfy care and supp)rt in line with our Chrtstian values and behaviours b¢ maintaine developed, improved and expanded. To increase the nuTnber of Trustee5 and maintrin iheir involvement with stsff and projects throughout the counlry through practical interest. prayer and suprK)rt. Have a coordinated strdtegy of marketing activity across our websit< literntu and 50cia] media io increase awareness io Is many people as w)ssible. Public Benefit The TrLtces have taken account of the Charity Commission's guidance and demonstrnte that public benefit has b¢en provided io our residents and beneficiaries through the following work and activities.. A¢cepting lallY fuThJed elderly resid¢nts * fee levels klow the c05t of providing good care and a0MMOdation. Housing young people who would otherwise be homeless. supwrting them into edatIOn and l or employment. Providing a wide range of care and suprffl and secular and spiritual activities for all our residents" whether older or yowiger people who live with us. orrering work experience ¢)pwrtunities for young people. Our Keychange Community vision recognizes that we support strong conrRction5 wilh the neighbourhood arxl enrage volunteers io supp)rt what we do lttally. We provide SUPFL)rt and guidance for young people re5idenl in our ho5]ng wnmunities which nefits $iety and aids local authorities in their goals and statutory duties &$ well ls enabling residenis to gain iTKkpewKkn¢e.
KEYCHANGE CHARITY
REPORT OF THE TRUSTEES TO THE MEMBERS
FOR THE YEAR ENDED31 MARCH 2023
Strat
icRe
Activities over the last yur
The lasi year ha5 been one of adaptsiion and renewal as the organisation has worked through both
external and internal changes. Acr0$5 the Keychange Communities we have been required to ¢ontinue to
deliver safe care. and we a5 an organisation have built Systems and supported colleagues to achieve thai
as well Is their own self-care. Our alignmeni with Governrneni advice for the seclor continued throughout
the year as their fu5 shifted.
During these changing sector environmental condition4 we have been conlinually amazed by both our
community stsff and the feedback that we receive from communiry memkn and their families about the
hard work and priorities of the ¢ommunities' staff.
Cgre Community Feedback
At Rosemary Mount. we heard from a ¢ommuniiy $cIaliSt nurse in Wonhing aFA)ut the community:
Amy. Ihe nurse, said5ke hthl a vÈryposiiive Experience of being ai RosÈmory Alowu. Shé Vi¥Ets
mony care homes bui saidihis one was ' sirikingly &ff" ¢reni" and "really lovely" Amy said ihe slaff
were 'iredIblY helpfvl" espectally Mia Amy 0150 spoke wilh someone living Rosemary Mounl
who Saidihey knew as soon a5 ilwrarrivedth ihefroni door ihth ihis iAeir "new home."
From RoTnans Care Home Community. a family memlxr said:
Jjysi wawedio soy ihoi as afamily we can'i ihank ihe 51offenoughfor ihe wop7d*rful care and
alleniion ske received ihroyghoui hersiay ihere. especially wilh all ihe thfvuliiu Covidbrougkn.
Every SEngle member of510ffu cheerful. wylcoming
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 National Care Forum Our membership of the National Care FONM proved vital in keeping urthtsj on the Changes of the sector and govemment priorities. Going forward we would also like to create more capacity to be a part of, the debates and dIv$S1On5 around key areas sh as recruitmeni financial realiiies of care and Governmental plans for social Catt and housing. Cross organisationl Ivorking We have continued io draw the organisation iogeiher ihis year and build ¢onneciions between the leaders and members of the cornmunitie5. Our partnership with Vibrant Communities lped us to improve this way of working. Our CTOSSaorganisaiional engagemenl approach a]lowed leaders to share and learn regularly. This gave opportunity for staff io $ak aEx)ut their current realiry and the challenges that they are facing. We w¢r¢ pleased that the weekly pr4ise, prayer and togetlvness times have been a great success and will ¢ontinue as we go forward. We continue io face the Challenge of Teduced o¢cupwKy levels of previous years. We are working hard locally and across ilK organisation to increase IJ¢¢upan¢y through inrr¢&sed [wOrkIng. word of mouth recommendations and Marking. We want to berrer utilise ihe wonderful feedback and experience of communiiy members as our repuiation. our mission. and our strong regulatory standing position us w¢ll io overcome these issues and achieve a desire of delivering quality and sustainable care. Housing Communities An imponant part of Keychange is our housing communities where we provide support hope and opportunity to homeless young men and women from age 16 upwards, to offer a safe place io live. grow, develop ar restore their dignity. and to ihem find ongoing purwse for their live5. We have two housing ¢omrnunities and our teams in Surrey and Devon ¢ontinu¢ io work hard to support young men and women including maintained and expanding links wilh the community and ¢hur¢hes. Our relationships with L(£al Authorities have gone from strength io strenh this year. In one this has been exemplified by the renewing and expansion of a housitig provision contrda with one of our closest Iccal authority partner% Devon council. Two pieces of the eyKouraging feedback we have receiv this year from our HousiTtg Community residents were: "Wayside is whaiyou make il. li is a blank CVaS wilh so marypossibilitie5. On fl goodday I Ime so many ideof and51qff me reigrt io e$S flSe ideos. So much con be done andjgel disappoithed when Jfthl in my own goaLs du¢ io heolih £mdm¢0l healik Jfeel very valued peciolly by si(rfandpeople Ihave befriended Ji is ihe sioff1fipm0sl comfori ipL" 'The community exceededmy expeetttlio due io the suppori offered. Ilike ikn sense of community andliving wilh oihers who are going ihrough ihe same ihings. We are appreciative of our Maff ieams that invest and adVale for the Tesidents in each Housing community site. Their work and service allow Keychange io a¢hieve our mission and goals io impact the lives of vulnerable aduhs. IadershIp As a leadership t¢am we wntinually reviewed the whol¢ of our organisation and each cornmunity in term5 of quality of care and viability. Mid-way through FY22123 we took the difficult decision to close the Sces community based in Gloucester. Followng a review with Trustee5, the emerging reality was al that lime il would be impossible io continue to opernie the care communily sustainably. All resident5 were rel¢xated su¢¢essfully, and we give thanks that the pr(Kess was completed well.
KEYCHANGE CHARJTY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED31 MARCH 2023 A5 F4rt of leadership communiry analysi4 the trusiees t)k the decision to sell the CTe55ingham Housq in Wall&sey sit¢ this C)mUnIty had clos in 2022. During the financial year FY22f23 we had a large amount of change in our leadership. This included having two interim CEO4 Martin Farrow #nd Paul Kelly as well as our Operntions Manager leaving. The two interim CECk were trt)th able io guide ihe organisation well during this lime. Benjamin Downing was recruiied io ihe role of CEO in Decemkr 2022. During this time, we have continued to work across the I I sites. The site5 of Overdale, Sheffield and Alde HoLLse, Penn which joined the organisation in the last 2-3 years ¢oniinued io be strengthened in their manag¢m¢ni capacity well as integrated into our organi5ational 5ysiems a1 processes. Human resources, staff engagement and maTketing capacity contin1 io strenhened in order to SUPFrf)rt staff and managers in each community. This is to help us allrn¢i both great people to WOTk with us as well a5 let people know about Keychange for those wishing to make Keychange their new home. We have strengtherKd the Board of Trustee5 and trustees continue to compleie an evaluation at the en4J of each meding to review their own perforniance. These evaluations are collaled and reviewed regularly to ensure continuous improvement of governance functions and performance. This year we have provided Governance irnining io ¢)ur Board on Safeguarding. Keychange FuTrdr*i$ing approach and activitie5 Keychange as a cortM)rdte organisation undertakes very little targeied fundraising. Our twi¢e-yearly newsletters entitled 'Contsct' inclLhJe the opportunity for supwrters 10 send in a donation if they feel so inclined. We provide leaflets and inforniaiion for residents and their familie5 to corLsider providing a legacy to Keychange in their will, but these are not tsrgded to individuals and are simply available uwn enquiry or in a leaflet stsnd at each of ow Communities. Ai a local Keychange care or housing communiiy some fundraising takes place on an infonnal basis fly small local events or xtivities. This rnay be through raffles. sponsorship and fetes for example. These aaiviiies are cmrdinaied by the Manager and their staff team aThJ seek to develop our mission of Creating Caring Communities in line with our values. Keychange does noi work with any external Fundraising support ¢ompany or ¢onsulthw. These fundraising activitie5 10 our supporters via direci mail. legacy leaflets or rommunity-based activity or event fundrdi5inE is in line with the Fundraising Cod¢ of Practice set by Fundraising Regulator. No complaints were received by Keychange in relation to our fundrnising a¢iivities in the year. Our fundrdising promise 15: When YOne 5upporis Kehange iheywu can be syre ofthefollowing." We will never sellww conlaci detllEIs lo we. We will only eoniaci)vu ifyom have expressedan imeresi in ow work fwe pkoneyou. we will Glways checkjvu are happy io lake ihe call. ask us io change how we eommunicaie WEihwu. or 510P. we will rupecl th. We do pwi engage ix co&l-calling. door io dt orsffee1th$in8. We ty hard io ellre no one ev¢rfeels pre55urisedio support our work All our acliviiies are opeplfair. Iwne5t. ¢Jnd legal. Our employees Keychange communicates infomation. provides UFrfJates and consults with its employees in a number of ways to ensure they know whai is happening. how we are achieving and developing our mission and providing opwjrtunities for iheir feedback and input. Every week we Provide a Management Bulletin
KEYCHANCE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED3J MARCH 2023 Communication, senior stsff regularly visit our communiiies io meet with Staff. we provide monihly financial Ferfomlance repKJrting inputs to our rnaTgers. Our annual sthff survey provide5 the opw)rtunity for all staff io reswnd io questions and give their inpul to a variety of tOPlCs. We have worked especially hard through rhe pandemic to increase commtsnicaiion and staff engagemenl, support, well-being and ¢ncouragement. Keychange 15 committed io full and fair ¢ortsiderniion of all employment applications and considers them all upon the aptitudes and abilities of each applicant. We work hard with all employees of all abilities to ensure we provide training. developmeni and opw)rtuniiies for staff to with Key¢hang¢ for as long as possible within their role or other more adaptable fun¢iions. All our siaff have worked very hard ihrouglM)ut this Friod of unctrtainty and difficulty io continue to Create Caring Communities. We are still in ihis paTrJemic and the future urKertainty needs careful planning and adapting too. We are very ihaTthI and blessed io have the quality of Leadership and staff teams in their roles and communities at Keychange. Financial Review The totsl income from operating our we homes and Using communities in the year to 31 March 2023 was £8.939million compated 10 £8.995million in the previous year (after excluding ihe benefit of £0.120million gain on property sales in that year). This is a small fall of £71.256 or 0.80/0 in in¢om¢ from operations between ihe iwo years. WhilM expendilure of £9.654million was a fall of £0. I l Omillion from £9.764million in the previous yrar but the 0rnting deficii of £0.698million compares with £0.764 in the previous Ye after excluding the gain of £O.120million from the sale of proFtrties rnerfioned above. The deficit has been imparted by ihe planned and necessary closure of CrSinghaM House and S¢eats communities. The recurring impaa of ihese will iherefore be removed from fulure results. The overall defi¢it appears io be a stand-still low point in the charity's 0tiOnS but with new strategic objeaives and a budget l(x)king to half the deficii for the current year ihere is much to work for io improve the ¢harity'S fortunes and taIned reseThes. In panicular. the board are conscious that some communities are tKrfomiing better than others. So, the individual communilies need io kept under review. and in some cases make more signifi¢ant sieps to improve financial performance. Reserves Policy and Going Coutern The Trusiees have reviewed ihe charity's reserves and considered the designaiions that should k made within the unrestricied resetves, given thi5 year's results and the closure of a couple of communiiie5. The Trustees have deiemined that the following reserves p)licy should applied: The level of free reserves. after adjusting for long ierni liabilities, should be sufficient to leav¢ the Chariry with working capital equivalent to ai leasi two month's operating expenditure, after deduciing any designed funds. The long-terni liabilities should however be wthin a level that the Trustee5 consider comfortable in respea of ability of the Charity to service these liabilities as they fall due from its owdting income. Two monihs of operating expenditure based on 202Y23 financial year is £1.6million. The tTUStees have established two fresh funds, one ihai combines the previous renewal and mainienance fund inio one. The new fund of £465k represents iniended estate work in the ¢oming year. A further £1 million is a ¢ontingency designation to cover the losse5 suffered on the linked charities, should it noi be possible 10 apply property proceeds against the income losses. Discussion wntinues wilh the Charity Commission lo progress this.
KEYCHANCE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 Free Reserves have been affttied greatly by the results of last two years, inclj1ng ihe need io esiablish the above contit)gency fund for linked charity losses. Free reserves are defined as the unrestricted reserves that are noi represented by fhxed e{s, and after designations. Free reserves are therefore £949,125 at 31 March 2023 {£2.730,162 at 31 March 2022). Whilst free selves are below target the £1 million designation will immedialely need to be dTawn on and the )ard are confident it can manage cashflow, given prOrty receipts io come and the strategic action on the overnll financial 0ralIn8 Me] mentioned above. The board and Tnanagement team have undertaken financial planning including cashflow forecast5, and are confident thai the charity remains a going COT)cern for ihe purFrf)ses of PTeparing and approving these StatOry accounts. The board is satisfied that there is a reasonable expectstion that Keychange will be able to pay lis debts as a they fall due for a period of at least 12 month5 from the date of signing and ihat are no material uncertainlies ihai would call ihis inio question. Risk Management The Board has ¢onductrd regular risk assessments and review5 and identified the major risk5 to which ihe Charity is exposed, particularly those relaied io its 0rationS and finances. Agairst ihis framework, CUTrenl risks to the organisation are fomally asse5s¢d by the Senior Leadership Team (SLf) ajyj wiihin the Working Groups on a cyclical basis. Immediaie optrational risks are wnsidered at the SLT meeting with relevant strategies put in place. Documents (minutes ei¢.) are available &s required. The Trustees are tisfied ihar systems are in place to mitigaie the charity's exposure to the rnajor risks. An update of the risk registr review strategy w&s undertoken in Board Meeting in November 2022. Our major risks are listed below. Th¢ loss of key Leadership Team staff. Insufficient oVpancY and income io sustain orffiti0r. Changes to Government Policy for funding older people's residential Care. A sustained level of strff slKJrtages. Future maintenance and 5uithbiliiy of our buildings for ever increasing complex care needs. Continued afterniath of Covidl9. We reduce the risk of10sing key leadership staff by developing leaders, ensuring our remunerntion levels ar¢ appropriate and that we offersuppon, and traininglo relain them within Keychartge. To mitigate against these risks Key¢hange continually reviews central and Ial governrnent policy for older wple's care. In additi. we continue io wait for ihe Governmeni io publish its GTeen Paper on the fuwre funding and pmvision of older 0p}e'S care. To mitigdte against susiained level of staff shortages we are establishing contracts for flexible working 10 cover absence5 and reviewing effective use of our outsowced Te¢ruitment. Un¢¢rtainties Looking after 245 residenis in I I n8 ¢ommuniiies will always g¢neraie uneX[cted situation5. but we are confident ihat our staff are traitd and resilieni to deal with them ¢omp¢i¢nily a4 ihey arise. The global pandemic of Covidl 9 demonstrdted Keychange has able and Mst continue to adapt to address the ongoing Challenges through developing strong leadership. flexible working methods, effective support and communicatbon. go(Kl risk assessment procedures and rOng line management. Future Plgns We Coniinue io follow and implement our stregi¢ vision and plan until 2030. with an initial fwu5 on the next few years to 2025. Our Vision is to Create Caring Communities which are Safe. Vibrani. Inclusive
KEYCHANGE CHARITY REPORT OF THE TRUSTEES TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2023 and Sustainable. Our new strale&y plan focuses on two themes of FinatKial viability & sustainability, as well &s making an impact with quality care. Our priority for future plans is incre&sing and 5UStaining a higher level of ctcupancy. We have new brochures and a series of virtual online tour videos across all our older care ¢omrnunities. These enable people lo hear of arKi view our communities as part of clear publiciiy. In &ldition, we have invested in markeiing capacity to help develop erquiries and increase CUpancy. Our membership of the National Care Forwn has E¢en a beneficial rnethod of learning. lobbying and SIring ideas, inpllis and policy developmeni. We will also coniinue to progress with ourcollatrA)rdtive partnerships with other Christian care home ¢hariiies aTrJ seek to develop those inio more fornial arrdngements.
KEYCHANGE CHARITY REPORT OF THE'I'KUS'I TO THE MEMBEILS roR TIII YEAR ENDED31 M.4RCH 2023 Statement of Trnstees. RespoAsibilities The trustees (whoarealso direciorsof Keychange Charity for the purposes ofcompHny law) are responsible for preparing the trusiees. annual rwrt including the Strategic report and ihe financial 5tat¢nents in accordance with applicable law and Untied Kingdom Accour]lin8 Stknd&rds (United Kingdom Generdlly Accepted A¢counting Praciice). Company law requires th¢ trustees to prepare financial statements for each financial year which give a true and fair view of (he state of affairs of the chan"rable company and group and of the incotning resource5 and application of resource& irKluding the irKome and exsxnditure, of the charitable company or group for that period. In preparing these financial sraternents, the trustees are required to.. Select suitable accounting p)Iictes and then apply them cotLSiStently Observ¢ the meth(x15 and prin¢ipl¢s in th¢ ClJaritie5 SORP Make judgements and estima5 ihai are reasonable and prudent Stste whether applicable UK Accounting Stsndards and statements of recommended PTa¢ti¢e hav¢ been followed, subjea to any material depatrwres disclosed and explained in the fInWla1 Siatemenis Prepare the financial 5tateTnents on the going ¢on¢em basis unles5 ii is inappropriate io presume ihat the charity will continue in operaiion The tru5te¢s ar¢ r¢swn5ible for keeping adequat¢ ar¢ounting re¢ords that disclose wilh re&sonableaccurdCy ai any.time the financial pN)sition of the charitsble company and enable ihem to ensure thai the financial aremenrs comply with the Companies Aci 2006. They ate also responsible for safeguarding ihe assets of the charitable company and 0Up and hence for thking reasonable s(tps fc* the prevemion and d¢te¢tion of fraud and other irregularities. In so far a5 the trustees are aware.. There is no relevant audit inforn)aiion of which the charitsble company's alI10r is unaware The trustees have taken all Steps that they ought to have raken to make themselves aware of any r¢levarrt audit infomjaiion aJJd to establish thai the auditor is awdre of that information The tru5ttts are responsible for the maintenance and integriry of the corwjrate aThJ financial inforniation included on the charitable company's website. t£gislation in the Uniied Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otheT jUTi5dictions. Both the Trustees Report and the stregIt ReTM)rt were approved by the Trustee5 and signed on 21 SepteTnber 2023 on their h4]f by Tim Rtsbe. Timothy Roberts, Trltee 14
INDEPENDENT AUDITOR'S K£PORTTOTHE MEMBERS KEYCHAP4GE CHARITY FOR THE YEAR EIYDED JI MARCH 21n3 Opinio We have audited the financiai 5taments of KeYClnge Charity {the'prent ¢haritsble company,) and its subsidiary (the 'group'} foT the year erthd 31 March 2023 which comprise ihe consolidawl stsiemeni of financial activitie5. the group and putnt charitsble company Ixlance sheds. the consolidaied stsiement of cash flows and the not to the fJnaKial ststementy including a Summary of 5hgnifiont accounting ry)licie5. The flnancial reix)rting framework th has t¢en applied in their preparaiion is applicable Saw and United Kingdom Accounting Siandards. ijxlthling FRS 102 FirNwithl Reporiing SIO¥t)rd opplicable ihe UK apxl Republic ofIrela(un71cd Krngdom Gewally Acceed Accounting Practice). In our opinion. Ihe financial ststements.. Give a tn and fa2T Vtew of thE State of the group's and of the PaTeni charitable company's affairs as ai 31 March 2023 and of (he group's incoming reswrces and application of resources, includsng its income and expenditure, for the year then¢nded Have been properly prepard in accoTdaMce with unit Kingd(Nn CllY Accepied Accouniing Practice Have enprePared in aecOrd wththere4UiTtmentsoftheCompanies Act2(M)6and Ehechariiies Act2011 B&sis for opinion We condutted our audrl in accordance with ITrtematioTral Standards on Auditil)g (UK) (ISAS {UK)) and applicable law. Our resTxTrnsibilititt fider iIK)se sta11d5 are further described in the Auditor's responsibiliries for the audit of ihe group fjnancial sratements sectioft of our TeFQrt. We are iTKtependent of the gfftup and parent charitsble company in accord with the uhical requirements th are relevani io our audit of the financial staiements in ihe UK, including ihe FRC'S Ethical Stsndard. and we have fulfilled our other ethical resp)nsibililies in accordance with these requItemen We klieve audii evidence we have obtkined is suffictent arml appropriaie 10 wovide i b&55s fw ouropinion. Conelusions reltiDg to gOIg ¢04¢ern In auditing The financial staments. we have cornluded that (he ttwees. use of ihe going concem basis of a¢counttTtg tTt the PTtp#Ation of the finaTKial statetnents is appropriaie. B&sed on the w(Kk we have wromi we have not ithntified any material th)certainties relating (o events or corKlition5 that, individually or collectively, may 1 ssgnificant doubt on Keychange ChaTity'S ability to coniinue as a going concern for a periwl of at It tw¢lve months frorn Whe the financial statements are authorised for issue. Our reswnsibililies and the resp)nsibililies of the trustees wTrth res to going concern are described in the relevant section5 of this Tel. Other Inforniation The oiher infonnaiion comprise5 the infom)ation included in the rnsiees, artnual rep including the Sirategie reFX)¢ Other than the group financial &ements and ow ali10r,% rep)rt theTeon. The trusiees are re5pon5ible for the other inforniaiioncothained wiihinthe annual r¢wrt. Our opinion on the group fiTsancihl slatemenis does noi cover the other inforn)aiion, aTrJ. excew io ihe exieni oihenvise explicitly ststed in our report. we do not express any fomi of aSsurae conclusion tleon. Our TestKmsibility is to read the oiher infornjation and, sn dotng so, consider whEther the other tnformatton is matrrially inconsistent with the group finarKial stsiements or our kTh)wledge obtsid in ihe cow of the audit or otherwise apF¢aTS to be 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS KEYCHANGE CHARITY FOR THE YEAR ENDED31 MARCH 202J materially misstated. If we identify such material InconsienC1eS or apparent maieri81 misstatemen1& we are requiredto deterniine whether this gives rise to a material misstatement inihe group fina]Kial ststements themselves. If, based on ihe work we have perfornied. we Concl that there is a merial misststemeni of this other infom)ation, we are required to report thatfact. We have nothing 10 report in this regaTd. Opinions on other matters prescribed by the Compni¢s Att 21K16 In our opinion. based on the work undertaken in the course of audil.. The inforniation given in ihe trustees, annual report, including the strategic reEx>Q forihe financial year for which the financial ststements are prepared is consistent with the financial staiements The trustees, annual reKK ]ludIng the strdtegic resw has been prepared in aCcOrdae with applicable legal requirements Matters on whieh we are required to rnport by exttption In the lighi of the knowledge and understsnding of the group and the parent charitsble company and iheir environrnenl obtained in the ¢ourse of tlK audiL we have not identified mai¢rial misstatements in the tree$, annual repy4 including the strategic reporL We have Thxhing to rq)ort in respeci of the following matters in relation to which ihe Companies Act 2006 and Charities Act 201 I requires us to report to you if. in our opinion: Adequate accounting records have noi been kept by ihe parent charitable cornpw. or returns adequ&e for our audit have not been received from branches not visited by us" or The parent charitsble compny finarKial atements are not in agreement wth ihe accounting records and reiums. or Certain disclosures of trustees, remurRration specified by law )re not made., or We have not r¢ceived all tk infornilon and explanation5 we require for our&Lxlil Re$p•n$ibilitie5 oftrustees As explained more fully in the statemeni of trUees. responsibiliiies set out in the trustees. annual report, the tTuslee5 (who are also the direrloTS of the parenl charithble ¢omFOny foT ihe purposes of company law) are reswjnsible for the preparation of the financial siaiements and for being satisfied that they give a true and fair view. and for such internal control &$ the trustees detemine is necessary to enable the preparaiion of financial statements ihai are free from material misststemenl whether due to fraud or error. In preparing the financia] StaMen ihe trustees 2re responsible for Sessing the group's and the parent charitable company's ability to conlinue as a going concern. disclosing. as applicable, matters related to going GonG¢rn and using the going Concern basis of a¢¢ouniing unle&s the trustees eiiher intend to liquidate the group or the parent charitable company or to cease 0ratIO or have no rea]iSiTrc aliern*ive but to do so. Auditor's responsibilities for the a¥dit of the financial statements We have been &ppoini¢d auditor under the Cwpanies Act 2006 aTrJ stttion 151 of the Charites Ad 2011 and rep)rt in accordance with those As. Ourobjeclives are to obtain reasonable Urartt abrt whetherihe finwKial statements as a whole are free from mai¢rial misstatemenL whether due to fraud or error. and io issu¢ an audiior's report ihai includes our opinion. Re&sonable assurdnc¢ isahigh level ofassurance. but is nagllarantee that anaudit conducted
INDEPEf4DENT AUDITOR'S REPORT TO THE MEMBERS KEYCHANGE CHARITY FOR THE YEAR ENDED 31 MARCH 2023 in accordance with ISAS (UK) will always detect a material misstatement when il exists. Missthtements can arise from fraud or erartd are Considered material if. individually or in the aggregate. they could r¢asonably be exFtcted to influence the economic decisions of u5a5 taken on the basis of these financial ststements. Irregularities. including fraud. are instances of non-cLJmpliance with laws and regulations. We design pro¢edures in line with our responsibilities, outlirted alK)ve. to detect ma(eria] misstaiements in res1 of irregularities. including fraud. The extent to which our pr(Kedures are capable of detecting iTregularitie including frAud are below. C4pbility of the audit in detecting irregularities In identifying and a55e5sing risks of material misstalemenl in respect of irre£ularitie& including fraud and nonthcompliance with laws and regulations. our procedures included ihe following.. We enquired of management and the finance committeq which included olAaining and reviewing supporting documenlation. ConrnIng the group's policies aThJ predureS relating to: Identifying, evaluatinE, and complying with laws regulions and whether ihey were avrnre of any instsnces of n-coMplIaltt" Deteaing and r¢spondingto the risks of fraud aThl whetherty hav¢ kwledge of any actual. suspected, or alleged fraud. The internal conimls estsblished tomitigate ri5k5 related to fraud or non-compliance with laws and regulations. We insrRcted minutes of meetings of those charged with governance. We obtained aA understanding of the legal and regulatory framework that the group operdles in. focusing on ihose laws and regulations thai had a Meal effect on the fIna[la) s¢atements or Ihat had a fundamental effea on ih¢ operntions of the gr04w from our professional and se¢tor experience. We ¢ommunicaied applib]e laws and regulaiions thToughout the audit team and remained alert to any indications of non-compliance ihroughout the a11. We reviewed any reports made to regulators. We reviewed the financial statement disc105ure5 and tested these to supporting d(Kumentation to &ssess compliance with applicable laws and regulations. We performed analytical procedures to idenlify any unusual or unexrected relatiorthips that may indicate risks of material Misslaent due to frdud. In addressing the risk of frdud thmugh management override of ¢ontro15. we tested the appropriateness of journal entries and other adjusthients. assessed whether the judgements made in making a¢¢ounting e5timat¢s are indioalive of a potenlial bias and signifi¢ant transactions that are unwsual orihose outside the rK)mial course ofbusiness. Because of the inhereni limitations of an audiL there is a risk that we will not deled all iTTegularities. including those leading to a maierial misstsiement in the fiarla1 statem¢nts or non-cornpliance with regulation. This risk incre&sesthe more that complianc¢ with a law or regulaiion is removed from the events and transa¢tions reflected in ihe financial statements. &$ we will less likely ro be¢ome aware of instances of non-¢ompliance. The risk is also greater regarding irregularilies oCCu1ng due to fraud rather than error. fraud involves intentionai concealment. forg¢Yy. Collusio omission ormisr¢presenthtion. A further des¢ripiion of our r¢SnsibilItIeS is available on ihe Financial Reporting Council's website .. www.frc. .uklauditors ibilitie& This de5CriPti¢M f(Kms part of our &uditor'5 report
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS KEYCHANGE CHAIUTY FOR THE YEAR ENDED 31 MARCH 2023 Use ofour rert This rewrt is made solely to the charitable compwiys memter5 as a tyJy, in accordan¢e with Chapter 3 of Part 16 of the Compantes Aci 2006 aNI section 144 of the Charities Act 2011 and regulations made under section 154 of thai Act. Our audit work has been undertaken so that we mighi state io the charitable company's memr5 those Tnatters we are required to slate to them in an auditor's report and for no other purpose. To ihe fullest extent rnnitted by law. we do not a¢cew or assume responsibility io anyone other than the charitsble company and the chan"tsble company's mem1rS &$ a IKYJY. for our audit worK for this rerK)rt. or for the opinions we have fornied. Judith Miller (Senior statOry alitor) 22 November 2023 foT and on E¢half of Sayer Vincent LLP. Statutory Auditor Invicts House, 108-114 Golden Lane, LONDON. ECIY OTL Sayer Vincent LLP 15 eligible io act as alItOr in temis of se¢tion 1212 of the Companies A¢t 2006
tythrytcknrily Fwlhp ¢ir¢nledJl Mivqth2• Ir Jo) •).6YI 7S.103 C•ftfwtrFJd¢Ay 16rt15D 491.155 SJSJ.141 i. ip24 .22C06S 1.39P ié.i 50.789 12Ql40 2.521.OB2 SJSO tth.&97 C4rtftythtFldrAy 5.5ZJ.I 701.510 3.535.952 •wo 7L¥.53D T•t•le%p¢#rt L717.7 4217.SJ2 IKrf.93•) {Iw.ty) 47Jll {041.4671 1srt9371 N•YJ91J 1696.2ts1 (011.4671 10(320 {1ffj6J r4¢lmbvoffliD1 w fwJs tsi?} {355J74) (O7J91 (Y.19$1 (6114671 157*7 bi469J)? 360,771 TWlfur¢J5cwrledl•rwwd 93Jllll 49x1121 360.771 19
K¢ythah8t Charity Bal4nce Sheet Company no. 3317563 As at 31 Mxrch 2023 The group The tharity 2023 22 2022 Fixed assets: Tangible assets 9.70 9.048.846 8WJ76 8.844.918 9.W70 9.(8.846 8I64J76 8.844.918 Current issets: Debtor5 Current assets inv¢stTD¢n¢s Cash ai bank and in hand Short-ienn dewjsits 399,168 1,107 482,139 316.055 41 J,699 1.107 469.339 $50,0 357,.717 12 2.097.184 2,069,660 1.432AI4 2.424.7(K) ,432.145 2.438.838 Liabilities: Crediiors.. amount5 fallin8 due within one year 14 (1.03W7) {1.195.987} {985,118) 11.139,936) Net c4rN1 agsets 395a67 1,228,713 447,027 1,298,902 Total 4$5¢ts less rurrejt liabilities 9A62,438 10.277.559 9JJI,404 10.143,820 Creditors.. amounis fallin8 d after one )¢ar Tot*1 thet issets 15 1498,634} 1615,764) 1469J76) 1579,3981 8963.804 9,661.795 8,842.028 9.564.412 Th¢ fund5 of th¢ charity: Endowrn¢oi funds Eiestricted fjJnd5 unrericted income funds.. De5ignalcd fvnds GeneT31 funds 3&I778 (930.122) 36Q778 (574,7481 360.778 (672,121) 1981 JA41 1.46S,W 814$ 348,067 9,527,698 J,465.IKKJ 7.YJ7.$64 348.067 9.527,698 TotsI n$triCd funds 9533,146 9,875,765 9,462564 9.875.765 Totsj cbarity funds ¥.,801 9.661.795 8J42,028 9,564.422 Approved by th¢ tru5t¢e5on 21 ko¢rnbcr 2023 and si8rKd ot) thtir beha]f by Madeline Them50n Tim Roberts MaddyTknmson Chair rimothy Rthrts 20
Kehlge Cknarity Conwlid#¢ed statement of c85h no For ihe ar ended 31 Mrth 2022 2023 2022 Cash flows from optrsting ¢tivitles Nei tncoffKllexp¢ndiluTe) for ptriod ]kpreciaiion chaTgcs {Profit) ItA)5s on disp)1 of fixed assets Imeresi from inve5tm¢nt5 INere paid (IncreYdtCTe in debTors Irea%1{decreasel In cr¢di¢Lws Nei tsh provided by l (u5e41 ID) opeTXtillg •rtiviti¢5 {697,9931 39L507 13395 141449) {648,4671 349,714 1120,140) (50.788) 25,487 151,678 1199.878) 183.1131 (IS9.14¥)) (55SJ28) 1492.3941 Cgsh ftows from inv¢5ting 4rlivities: INercM from inv¢5m¢nts Imerest paid Proceeds from ihe sale of fixtd aets Proceeds from ihe sale of CUTrtnt assei inv¢s¢nnts Purch orrixed a¢$ 50.788 (25.4871 1.139.964 {,1166) iQJ56 {423J261 {221:9191 Net cash (wstd In) investing adivities (392.7) 943,346 CA$h flows from financiDg artivi¢ies: Repo)qnents of borrowing Net t5h (used in) finh¢ittg Attlwiii¢s {117.13010 172.936) (117.1301 (72.9361 Change in t•sh 2nd Cash t4uiv<rtt5 ITr tht ytar C&%h and cash equivalents th¢ it1ng of thc >tar (IAW0451 L097.181 378.016 1.719.168 Co$h and t&sh equivalents at the end of tbe yur IW2.139 2.097.184 Analysrs of Rfid ea5h eq¥ivknts 8nd of vt debi At 31 March 21123 At l A[ 2022 Cash flows Cash ai bgnk and in hand 2,(P)7.184 {1,065,0451 1.032.139 Totsl tash and ¢a5h e4uiv•leThts 2,097.184 {1,065.0451 1.032.139 IAMns falling due wiihin one year LoaDS falling due éfteT more than ort)eat 1107.5891 1615,7641 {107,$891 {49&634) 117.130 Totsl 1.373,831 1947.915) 42S916 21
Key¢hinie Charity Noitt (• the finin¢il s(temefjts For the e4r ended JI March 2023 xl Ststutory •Mr0rntIo Keychthge Chariiy is • thw11¢ mpa)Y linLbtC4J by w¥i is in United KiDgkn. The TegisEered offict ldrtss ld prin¢ipaJ plorbne$s) ts 5 Stckthge's 43 Westsrrinstrt Brid8e R1. Indon. SEI 7JB. bl Basis of prtpArtiort The financial seMEnts have bten aLX(Ydance with Atixyjtiting and Rewting by Charitits.. stateMt of Li0MMended Prxctite applicable to charities prepaiiri8 their aC¢OUDts U) th¢ FirJan¢iaJ Reponin8 Standgtd appl?(able in th UK gnd R¢public of Ireld {FRS 1021- {Chariii¢s SORP FRS 102K Tr Finwcial Rewrting Stsndard applic&l¢ in th¢ UK R¢publicof Ireland IFRS I02d the Companies Ath 26. Ihe5e financial Statements LX)nsolide the Ttwlts ofthe charity and its tholly-owTrtyJ bdIary StuThpwell H(51n8 Limited on a line by line basis. Tmsactions and balanees th¢ charity its subsidi•ry have b¢¢n ¢limitwttd from the tonsolidatrd fingm¢ial sthi¢memis. The charity is a150 the sole lrnees and OwiOf Chrimian AllianLt Trust knmid wthi¢h is a l¥paThY. Bakn¢ts tween the entities are disdosed in the notes of the thariiy's ball¢¢ SIeL A sepwak stsnxni of financi l¥ll1¢S, tw inwme and txpcndiiur¢ ac£ounL forthe charity itselfi5 not PTescnted be$t the thtY has vange of the exemiAions affordd by se&ion 408 ofthe Companies Au 2006 sus)Dw of the Tesult for the is di5¢105¢d in the n05 ¢0 the artrAJn Assets and liabili11 are InitilY ¢0iSed * hist1 or tran70rt va]L otILmse ststed in the rtkyabi a¢wuniin8 pDli¢y or In applying the financial Tew)rtinB fratnewThi the e¢S ha mk a numlrofsubje¢iive judgemEnLK feXa[P1e Tespeet of signifi1 accouniing estiMe$. E5bmotes And jUdg¢ntS 3Je c1•D1Y eVu¥d •Jd ar¢ bas¢d on himorica) exptri•itt and oth¢r fxtor% including Cxpeciations of fvLure events that are lieVed 10 be rE&wnable unts the Th¢ nature of the esuThJaiion means the Ual 0ulconS Uld differ from thos¢¢yim3È5. Any 5i8nifiwt ¢StIma judearnts affeuing the5¢ fin¢ll1 5wnenES are daA¢l¢d within the Telcvani •cnting wlicy below. These financi statemethts of the company x the of Key8¢ Charity wnal8anwin8 a J)umtofL¥i¢ies Mthert w)iUrtg directi¢)ns havc been taIned from the Charity ConMni5SiOD. see no 19. The tws¢ees do not considerthai th¢r¢ ar¢ any 50Wtt5 of eyirnwoTh utK¢nJinty • the r¢ponin8dote ¥¢ a $i1finI risk of causing a Maleri ]jllstmeni io the tarrying amounts of assets liabilities within the nexi Tewing pe¥i(NJ. ¢) Public bentfit entity The charity nets the definiliM of a wblic i%o¢fit entity th)der FRS 102. l GoiAg coHctrn The $e$ eonslderth there are no mlltrri un¢ert8UJti¢5 aboui th¢ ability w o)ntinue a5 8 gOing¢Onrn. The TN51 8se saiisfjed that Keychan8e group is a going ¢onixrn due 10 the thabjre of the operntion& Ihert are no artas of¢onee¥n th th)ubi thai Keydwge rill witityje tOOF¢ratc in thc fot¢%e&le fiAure. Se¢ Dole 19ofrk rLla[ sratemcnt for fwth¢r dtthi15 ofthc p05iiion of the linked haritics. t) Intome Incwe IS Te¢08n¢ ¥then the charity h%•bIltmenlIo the furKl% rknJ¢t di1)n5 •tEthe41 LO the income have been me4 11 IS probable thatthe intr)mt 11 rteeived •d th the Tr)unt be rnt45 ¥tliably. Ina)The from 8ov£rnrneni and othergrants. thether'LxPiE. gts or'revthue. is rewi5at wthen the tharity h&% enliilemeni io funds. any lf0MlanCe [J1110n5 aed to the &rants hav¢ t¢¢n m¢L ir 15 probabl¢ the incom¢ will b¢ r¢¢¥ivcd the atwuni Can be &%urcd r¢liably and i5 not ¢kferred. In¢ome received in advatce ofihe pwvision of a Spe¢lfi seryict 1$defd uniil the ¢riria for income reco7110 are mei. Coronaviru5 job Tetcntion 5chetne Tncome aThJ ottrKr¢ffi>navirus rn¢ome is TetWi5ed wthen the Charity has en(iilemeni (o the hnd5, any p•fonN8nce ¢onditions att8¢hed io the in(w have t¢•) mtL Ji is k¥obable the irKome wll be rt¢eived and thai the amwni can be musural Teliably. Intercst on thd5 h¢ld on dwil is included wthtrb rewvabk the Thxjrt r•n bE red Ydiably by thc cknty. thi5 15 Th)nTrally upon notsfJcatiDn ofthe intertstpaid orpayable by the bank 22
Keytth8fj8t Cknriry Notu to the firtrt¢il slttmtts For tbe tar endtd 31 Mrch 2023 Attouniing policies (to•tsnued) Fund A¢¢ounliThg Endo5¢1 funds wt 10 be used forsp¢cific ptvF)sts as Iwd doTt by the dDd kn there is nOw>T Io ¢OTtvtrt the capitrl don•ed inio incorne. R¢5tnthed fvnds are to u%d forsrrtifi¢ pwrA)stsa5 laid by thedomr. ExwKlilurei4bich meets these Crivia is to ihe hjnd. Included resthrttsj fvnds are detsils of the inrthne expendillLTe olexh of the linked thwiiie5- 5Ct nrte Ibl and Dole 17. Unrestrided funds ayedonations and (thi in(¥Ming%)UIg$yecel¥ed the ¢haTithble FKWPOS¢5. h> Eyptnditsre amd irrteov¢rabk VAT Expendilure is recoLiS¢d once there is a lcyl orconynJaive obliyrion w m ap41 io a third pffty, it i$ wobaNe ¢hat sml¢m¢ni will b¢ requiral and the aTnouni of the obligauon measuTEd reliably. ExwNliture is C]ified under the followJ)g 1¥1 hainss.. CosLS of vaisittg funds to the ¢osts inoJffAI byt1 dwity in thd les1O make volww wntribjiions IL &$ as the cost of any auivity¢s with a h1ndsIng purpose. ExpendiwTe on charitable aLVities incluths Lts of deliringseryices undeTthn to fijrther the pwpxe5 tsf the charilyand their a550¢iad sup[ ¢osis. Ie¢Verable VAT is (wwl 8s againstthe Xaivity ts wthith the expenditwe w•5 iThWTfd. i) Allotatioth of ¢0 Regource5 expended tre allocatat to the p1(l¥r87yltyth¢re the Cost yels dirt¢tlyto 8ttivity. HOver. the Cost ofovernll diretiiots and adminiso81ion ofeach aaiVi¢y. CA)mryi5iJ)g the Salary overfad cous ofth wtyal nlon, is apportioned on the folloMrynE b15 which are esiimate, b&5ed on #xff tiw ofthe ryunt tsilx]tabJe th eath 1vity. Where inforrnation about the al obitrtives )d wieLts of the chwity is wovirkd w F¥)lIa1 ttDefioor¢e4 thc costs assc¢iaied with this publityty gre lOCated ¢0 ¢haritable exrKnditure. CMan¢< aTe th¢ RWCLatal wth the 8ovcrnBnce arrth8tntsOf ctharity. Ilse LYNS are sswated constituti11 and statutory Tequiremens atyj irtclude Co15$0¢1Cd wth the strgic of tht thty.5 aciiviii¢5. j) Optraiing lus Rental Chae$ aFe chtrged a Sl8h1 lirt basis O%tr the Ètmb of the kas& kl Tntlblt Ilxtd ssets Itcrns olequipmenl ¥e capitslised where the purth•st pri& exce£ds £500. Depral0 eosts are aJloc4trd aaivliieson the bis oftht Use of the relaied assets those a¢tiviti¢s. A5W5 ar¢ rEvittd for ifcirLWnW¢¢S indicaL¢ thEir caryin8 value may ¢x¢¢ed thEif llEL r¢plisabl¢ value ond value in use. Majortt)mKX)nents are treated as a sepTe assd Mthere they have $i1r1¢an¢jY different PaEierns of consumption of¢conomi¢ benefi and are depreci3 sep8rn¢ly over it5 useful life. tkprcciation is provided at rates c4ltrJlakd tht oftxh asse¢w itsestim&td resithal vayutover its exed usefvl llf Thc d¢pruiauon rdtes in us¢ ar¢ a5 follov&'. FebOrd Fyoperty Buildift85 Building installat)n5 Furnilutt. firtings aTbd equipmtsll - Fixtures 8tsJ fittings - Compuiers 10 IrK5 11 Deb¢or5 Trode and th delth WE Tccoyjised a the settlertN anw)wJidue alltrany trk di5o)uni offerEd. PrepAnthts &¢ Bt the atM)unt pwaid net of any trade discounts thje. rn} Current Jsset iThvtstmtnts Includu bal&n¢es are invested io a mixwr¢of ¥4<wnts wJ inve1 lding5. 23
K¢ychante Cbarity Notes th the fiDn¢ial $lxttwMts For the rtndtd 31 M•rrh 2023 A¢¢ou•ting poktits ItoniiD¥ed) •} Cth •t bk and ith hand C¥h ai bank and cash in hond trldeS cath aThd sh¢ nn highly liquid inVe5fftts wth a 5knt njaturity ofthree monthsor less from the date ofwuk51tioTh oropenbng of the (kw51t or 5irnilsac(J)uo1. Cash balan5 ex¢lud¢ •Jy fumds on bthalfof seryiet Users. ol Crediiors ¥nd provisioN5 CTediiov5 and ptovisions ¥x¢ rcpwised thc ¢htY h&5 a pR5eni cknliwirm rwltin8 from a evcnt thp¢ wll probEbly Tesuli in the tmsf¢r of f¢ts lo a third party and the arr)nI due to satie the cknligaEion can meawrJ oresiimad rtliably. CrtdilOTS and provisiony are norrnally re£wised & thIr settlemeni anwni afttr li)1n8 for tr•Je d150xJnsd¥¢. pl Finn¢ial ilstrxmtnts The charity only has t)th ba5i¢ and non-bae fin¢1 and finantsal liabililies. B•si¢ fin10] insmJnnts are initially Tecogni5ed ai Irwisaaion vo]ue and $ub5equently rnewred at theirsettlaneni value with the exception ofbank lo$ arE SubsequtlY measurtyj ai 3mortised cost using the effethive intere method. NoD-ba5i¢ fan¢i inyxunxnts IMthi¢h wtwris¢ d¢rivivesl are nrasurtd fair value ryth any or1055 Boins 10 st3LemenLof financi acaivities. ql PtnsiDn$ The compoThy OP¥al pcnsiort $dKrn for thebenefitofiLS aN)loJtc> Th fikThkofthe are •jministej by Tntses and aTe 5epawaie from tht wmpany. Th¢ scheme5 are defined sdne5 th¢ ¢wErili0 aTe tharyed to the Sw¢mwt ofFinancial Acuviii¢& illCUTred. Intomt from dontioThs ¢ovtrnmrAt 511PlXIrt 2023 TO¢ Unrewithcd 2022 Total ResErithJ Dfj))aiions CoTonavln job r¢nuon schew¢ 30,744 5,818 J6 45.488 25.183 3318 48.806 26,357 30.744 5.818 36562 70.671 4,492 75.163 Incorne frDm th#riiblt a¢tivi¢its 2•23 Tothl 2022 Tothl Restri(knJ inc41 authorsiy Private fees ljher incorne 1,163.948 4.437.882 46.320 51 1520 1.984.860 5.663 Ih75.467 6.422.742 51.983 1.636.197 3,741,640 5.304 690,944 2,118.619 33.361 2,327,141 5:¥00,259 38,665 Su1>thl for for th¢ ¢ld¢rly 5,64(150 2J02,042 &19).192 5.383.141 2,842,924 8.216.065 Local authority Prive c4rE fE 638.116 54,038 63&116 54,038 613.384 28.(X)6 613,384 28.(WJ6 Sub.thtal forsvpport for homele55YS5 692,155 691155 641.39X 641.390 Tot income fmm chlb]e auivilie5 6,340.305 2.502.042 &842J47 6.024.531 2,842,924 8.867.455 Incomt from iivtstmtlts 2023 Totsl 2022 Totsl UnTE5trici Restri¢tul Dividends on lis*d SCk Ex¢han8e inve5unents and bank Int[ Rcnl receivable Fecd in Tari 3JOI 36.512 JJoi 36J12 297 45.935 297 48,298 2,194 1363 2.194 4.636 39.813 4.636 44,449 46.232 4.557 50,789 24
F4•lesfo rt•ded JI 113) 2022 T•ll STUfF1 iTr&tt D (ktr¢rSTwff Agrw4ndCorfjyl RcrAir5 dMar 3.15&627 817 161.405 35232 427.3M 101.317 103.1 115.270 10.135 1.•37J 6.548.089 I3).5 n9.612 52.123 6l2.6• 559.1 322.556 79.701 61.169 I i.ws otfi<¢cost 47.927 I3977 60.551 21. 134.792 247.569 194.137 51215 2j7.yl 122mO SY.¥22 96J98 Z42.X* FoodCÈsts S.911 71.163 139.4 7.938M6 635.396 gW7J37 9.763.514 937b52 4QJ70 (4JA80) Tol•le%wdil•relOts &?16J97 9IJ7J57 Totslc¥pu¥JIN 2022 9.0SJ.914 104530 25
Exr ew4Ed Jl hlir¢h 1•23 2•33 SuppMco¥ SLitttOSts(Ntsts 71 Oth¢r#iff A8ETrFyand cnsUl Repairsané Mainlenance 5>13.8 112.018 65A478 403.326 371.253 645.229 311J I335 779th1Z 471,976 44201 27,156 1397 1.047 947 2W.479 34.460 Offi¢¢ Auditand AccothithKy Lr8AI and Prof¢55W Food Costs Cwr Yom¢ DIrt¢¢Costs 3.433 651 17.683 57 365 2.069 7.642 134.792 I479 194.lJ7 529.529 .467 247MO 277.482 24.395 21983 IA677 18.683 193 1221.444 333J57 26.417 961 9,76JJ14 14(934 19610661 214(0 4.039 TolAI eIWd]tllltr1J 26
Keyth#rJgt Chrity NoltS to tht finThtil stxtemthts For the er eded 31 Marth 2023 Net iOt I Itxptndilurtl f•r thty¢•r Ihi$ 1$ staL&I afterchargi1{¢d1iffj8)'. 202J 2022 Depreciation Profil on diswl of fixed Iniere5t payknle Auditorf5 r¢munernion (¢xdudin8 VAT)". Audii IM¢r %rvices 392507 349,714 120.140 24.910 4.0(K) 21,(NJO Aixlysis of trustee explo5 and iht ¢ost of kry Manigfflf ptrwnnel Staff coys wtre $ follo.. 2023 2022 SalariE5 and Redundancy and rMination costs SOCI security Costs Ernploytt'$ contribution io defined ¢cMJIion sthe4nes 5,440,479 22,8751 39S146 17&753 5,907.706 50,375 379,612 210,396 6,037.256 992,084 196,987 7326J28 6.548.089 779,612 Agency cos Other staffexpensES 7.460,767 The following numberof employee5 t¢¢¢iv emph)>w tryfiL5 (c¥¢I11n8 MW¢)yer pensi cmployerfs nw10n insurance) during th¢ y¢sr lw¢¢n.. 2022 2021 £60.lJOO- £69,999 £70,000- £79.999 Th¢ tOEai employe¢ benefits lincluding Ptssithb ¢4)ntribuiiorts and WI0)$ thai0ft41 itwarc¢lof the k¢y mana8emtsi p¢wnn¢l wre £284,87512022.. £369,819). The charitylrusiee5 rtitherp•id norttceived y{her from tmplojrnl ryth tr charity in the Jtarl2022.. £nil). No £haTity trnstee received Pa)nt for prDftssioDal orother services wpplied to the tharity12022.. £nill. Tnt$' txpen5¢5 Tepresents thc pa)Theni or r¢imburscmeni oftravel subsisrence costs Lotslling£5,98812021.. £5:4471 InrTed by I I 12022.. 11} rnetnbtrs relaiins 10 attendan¢¢ at rr*eiimgS of th¢ tsu5tres. The chwity $0 purchased direuor5 indemniiy insurnnce for prtmium of £795 (2022.. £9981. 27
Ktythtsge Ch#rity Notes to the finw¢iil For ike tar tred 31 Manh 202J Stsff wJumb¢rs The avernge ofcmplo)tes oad ty)tml twed on numbtl of swff p) th¢ yw w&5 27412021.. 3121. Staff are Split a¢r(65 the ]lIeS0[the ¢h¥ity a5 follow5111 count btsis 2023 2022 No. Charitsbl¢ acliyities AdminiStraion 262 12 310 274 322 R¢l•t¢d party Thcrc are J)0 dMirJs fm rtl&¢d partie5 lch are outsidt the norrn of IslIDES5 no rc5tridtd donations from rtlaied parties. The Cthristiin Allin¢tTr¥ Corw)rii04 Limil¢d Christian Alliance Tn Covporion Limitrd (CATCX wicb t5 a rowy litniwl by 8uoranLK is the Truet foT all propvti¢5 owjvj by K¢ychan8e. li al secures through the diledorsof K¢ythan8e th¢ w)rk ofKeych3n8e b¢ wried on in $triL mplian¢e with the objects aims ofthe consutuuon. io T•x•tio• The chnrity iscxempt from COTFKThtion tty all ils inrne is dwi 15 wlit4J for¢haritabl¢ PurpC% Tntible fiA¢4 &55ets forth¢¢roup Fwn¢tUTC, fittings and eqtylFent FTEehotd prOrtY TotAI Cost or vAluatio At the start of the I Additions ith year Di5PTr5als in ye 11.730.169 238,202 1.093.(K17 185.624 145,6681 12,823,176 423,826 45,668) At the end of th¢ Irar 11.968.371 1,232,963 13.201 J34 Dtpr<¢ilio Ai th¢ 5E3rt of the >tar Charge for the ye Elirninal on disp05al 3.047,223 19&759 727.107 193,748 132,3731 3,774JJO 392JO7 (32J73} At the erwj of the ye Nei knokv•l Al tht e•d •f the yur 3.245,982 888,432 4,134.464 ,722J89 344,481 9,066070 Ai th¢ stsrt of the year 8.682.946 365,9)0 9,048,846 Land with a value of£l,108,750 (2022.. £1.380.5241 is in¢ludtyJ fre<knld PrrtY aTrd Mid¢prc¢iated. PrOfew0Th walu¥iions for rveehold and kasehold proFXrty tfyj 1ftv0vL5 31 Marrh 1997. Th¢ valuat?on5 in 1997 repYe5enl the deemtd com of the a55a. 28
K¢y¢han8¢ Charity Note5 to the firt•n¢ial $tstemtRts For tht ¢8rended 31 M•rch 2023 Tangible fixed isstts Ito*tiDued) The ¢harity Frtehoid Fixiurts j fillings Tothl Al the start of the Addition5 in ytaT Disw)5als in y I l J27,663 238,202 1.082.340 177.831 145.6681 12,610.203 416,033 145.6681 At the end ofthe 11.766.065 1.214.503 12.980.568 Dtprtciatioh Ai th¢ start ofthe year Char8c for the year Eliminated on disposal 3.040.031 19528Q 725,247 188.(X)O 132.373} 3,765,285 38J,280 JZJ73} At the end ofthe ye¥ N¢1 book VAlue Ai ihe tod of the yur 3.235J18 8BO.874 4,116,192 &530.747 333.629 8I64J76 Ai siart ofthe)r¥ .487.825 3S7.093 8,844,918 All of thE above Sets ¥e forthwithle purry)ses. 12 Cwr¥ent •wt iDVeStMe•ts The ¥rD•p 2023 Tht tharity 2023 2022 2012 Fairvalue at the start of the year Dispos protras Net gain / Ilossl on ¢hse in faiT value 11.461 liQJ561 11.461 IioJ561 Fairvalue w theud of theye 5,107 J.107 13 Debtors Tht trn¥p 2023 Tht charity 2022 2023 2022 TT&1¢ debl(¥s (hh¢r d¢biw5 ' Prya)rnts and acuur#J in(ome 258.156 22.408 118.fA)4 144231 29,913 18S249 123.586 62,825 171.306 J 12.039 39Y.168 316.055 411,699 357,717 29
Ktythartge Charity Note5 to tht felA1 stsicnnts For the tar tttded 31 M•ryh 2023 14 CrEditors.' flliog du¢wiibin ooe year The gro¥p 102J The th8rity 2023 2022 2022 Bank loans Trade Credits Taxation social Urity Pension fund klan payabte Other Credir3 tkfcTTed I>t. fees forservices in advan A¢ouals 1•7569 14S651 1rf737 107589 8J.790 198,671 49.657 474.(I64 2.885 281.331 102247 142J60 156J66 102.247 40.999 193.482 49,732 478,228 2,885 271363 465,485 iSJJ85 118360 1,036147 1,195,987 985,118 1,139,936 All d¢f¢rr¢d inLY)me in 2021 releed income duringthe 2022 fjnancial yew. Creditors: fillillE due •fier owtyur The troup 20 Tht ebarity 2023 2022 2022 Repavable in 1-2 years Repayable in 2-5 years Repayable after 5 y$ 1•7589 322.766 6&279 107.589 322,766 185.409 102347 306,740 102.247 306,740 615.764 469J76 579.398 Totsl Bmup bank loansof £606.22312021.. £723.353 ) incjwje th¢ foJlown8 bank loaD5. All ¢hArity loans arc a]50 5ccure41 by debeniur¢5 on the asstts ofthc Christian AlliaDr% Tnw Corpryation )d Keyknge (knty. i[bteI dw8ed tht banks l¢NJingrne'. - £571.623 secured on the freelK)Id property at Wimbledon. Twayable in 2031132 - £34.600 b$Id78ry Siumpmtll HoUsingASQJ¢10n Lw Mryth Naiw Aialysis ofgroup sets ben¥ttn funds (eurr¢#i yearl Unttsrrided Re5trithd EryJowwDI Tot1 Id5 Tangible fixed 8sets Nei cuffenl assets LA)n8 rm lJabilitie5 7.119.023 2,414.125 I,587,19 12,018,558) 498.6341 360.77R 9,1766.870 395567 1498.634) Net SStts 1 JI Mareh 2023 9J33,148 1930,1221 360,778 8.96J,804 16b Aialysi5 of group net btfveen fuD& Iyiorytr- rt#atedl EndowTnenl Tot1 funds Tangible fixed assets ¢urtni &sets Long rm liabilities 797,536 3.078.229 I.8.532 11,849,516) 1615.7641 360,778 9,048046 1,228.713 1615.7641 Net tsstts It 31 MArth 2022 9175.765 (574.7481 360,778 9,661,795 30
Keyc&aNge Ch•rity
P4ottS io tht finantial sltemMts
For the
<ar eTrd¢d Jl March 202J
17& Movemtttis in finds l¢urr¢•t yearl
ExFailurc &
losses
At 31 M•r¢b
2023
2022 Inc(•nc & 88ins
TTan5(¢r5
Ptrmxncnt edov4mMt fun.
Ktythanee hnds-
Reiga¢e
Liknk¢d charitits, futhdw.
Altxander House
Erith House
150230
ISOJ30
20.413
IW.135
20,41J
190,135
Tol•l
Keychige Chrity Note% to th¢ finantiil st#ttoots For the erended 31 Mh 2•2J 17b in funds {prioryur- rutsttdl At l Aryil 2021 IrK(ne & 8ains At 31 March 2022 Trthrs Fernent endowmtthi f•fyds: KeychaNEt (uMd$'. Reigaie Linked ehArities' fund5: Al¢xaKder House Erith House 150230 150,230 20,413 IW.135 ZO,413 I,735 Total endowrtnt fuhds 360,778 360.778 R¢stri¢trd f¥ids: Key¢tt8t upithl f¥Dds: 80,187 {13.1201 67,067 Linked thArititS' UPbMI fvllds Alexander House Cre55inghom House Eriih House Plymouth Oihtr rutricttd fulld Rei8ate Exeter SThmpM¢ll H(bU5ing LiTrktd ¢haritiu' intofiK f•nds Jubilee Cottage Tru Alexander Ho Cre55in8ham House Erith House PlYnllth Inier-fvnd loom 1.380,891 197,995 110,758 146,6321 II3,55BI (9.9171 lJ34,259 184.437 IOOJ41 1214.9821 1325,4551 1792,5521 273J09 36&081 58.327 98,770 97,373 24.653 1É5.133 31.491 704.792 19,765 811.430 317J63 828.432 113.7761 13,9751 1786.2261 1539,8531 1765.5191 (14.193) 15.790) {lJ92.545) 1714.0401 1392.8851 11.297,341) 1866.3301 1329.9721 1.139.401 180 22.180 1574,7481 Totil restrirfed MS 1519,8531 2.839.697 13,535.9821 641J90 Unn51ri¢ted fund5= Unrestrithed- 8eneral 10 019.337 6.275.350 6.125.599 9J27.698 E5wes renewal fvnd Capital tnainiertan<t hnd 225.0(X) 225.0(X) 192.604) 19,329) 132J96 215,671 Totsl dc5ipia1 fiLnd5 45Q.(K) 1101.933) 348,067 TO1 uwrestricttd fuds 10.469.337 6275.350 {6.227,532) 1641,3901 9J75.765 T*1 funds 10,310.262 9,115,047 {9,763,514) 96].795 32
Keyc&aDge Charity Noteg to iht fin•icial 5tstsmt#ts F•rihe eAr ended JI M•rrh 2023 MovemeAts in fMDd5 Itontinuedl Purposes of ¢DdowmeDt (ll5 Rei This fvnd r¢pr¢%nts thc [dlI vqluc of the Reigt knrldrn8 to the thartty. Alex This fund represenstht Yesidval value ofthe origmal of Alex House. Wimbledon. rith House This fvnd r¢presents the residup] volue original ej01t of bith HL$e.Tl4uIy. Purptys¢s of r¢5tiitted fulltLT Rebgatc Fund This money was 5pEnt ¢Jii 1 txtcn5iDll tothe hostel * Reiw will Ee ewded Ibrt with the d¢tllL ofthe exiensiort. Exrtev Il fursd tnainly repyegents thmations wi on the ¢nKYov¢twioftht Emetrr Jd wll ¢xp¥thd in line Myth depTecia¢ion on the buildin& Also in¢luded within this futO Brnf5 TELr]V aThJ CXPEThdcd on the aff nmnin8 lJ)Stsof the hostel duringthe year. dJ2ri1ies' Furth¢r detw15 of linked charitiES' are disckMd in nute5 18 MI 19. Purposts •f dtsigwitd fwjjds The tsusiees have desigTha¢¢d a fjjnd in order to prov¢ 0rational wppffi w rMri¢trd linw charities. The trusiees h•Ye also wmbin¢d fvLrtherd¢sled fill, thee5W¢5 •Jd the Capit maintrDanc¢ fvnd. This fimd 15 ¢5tablj5hal io LX)ver fiJturc plant capital and Mainatt WTJwks on the charit5 rKorKrties. Purpos¢s •f transfer5 Trdnsfers have it•) mJe from rtstrithed fijnds io wwe51ria¢d fvnds u) the ye4r. These tran5fcr5 hav¢ removed resrriaed Incom¢ fvnds for R¢i8ate and ExeEEr ¥ these are noi r¢quired and JUsted the ]x>siii¢)n of slump[1 Housing refleLa the net ¥5ets o(the subsidiary al yearend now that >¢ar tsds arr in alignrrthi. Tht hiaori¢ intrr fvnd Iw has also Temoved as no furthtr aaivsly will t¢ 8cTrcrai¢d to this fund. 18 LiTrk¢d chArities These financial swemenis of the the x¢tyJntsof Keyth*Lge Ch¥ity amalg1gth¢ follo1n8 ¢knrities when uniiing diJeaions havc been ob1n from the Charity Comtnwion. 1061344-1 ALEXANDER HOUSE AS AMENDED B Y SPECIAL RESOLimoNS DATED 29 JUNE 1993 AND 4 DECEMBER 2CfjI. 1061344-2 CRESSJNGHAM HOUSE WALLASEY A UNITING DIRECTION MADE UNDER S.96 OF ThE CHARITiES Acr 1993 AND DATED 27 NOVEMBER 2006. This hom¢ was closed in M•y 2022. 1061344-3 PLYMOUTH A14D DISTIUCT FREE CHURCH WOMEN'S COUNCIL- EVENTIDE HOME. A UNITING DIRECTION MADE UNDER S.96 OFTHE cHATrEs Acr 1993 AND DATED 21 JULY 21X)8. Thi5 homE 501d during the year. 1061J44-6 ERITH HOUSE INDENTURE DATED 22 OCTOBER 1862. AS AMENDED BY A FUILY REGUtATtNG SCHEME DATED 16 DECEMBER 1996 AND AMENDED BY A SCHEME DATED 16JULY 2(N)9. In line ryth the Charitics StatnI of ReComr(kd PMict th¢ results and bal5 ofthe linkal chariiie5 are includ¢d in thE5e rethth4J ffijnds. 33
K¢ych4Dg¢ Charity otes to ike finntiil $tJnwts For ihe tar ended 31 Mah 2023 191 Analysis of hei wets b¢Dveell for linkzd cbiritits(cMrrrNI yar) AlexAndtr Ho¢ Endowm¢nL TotAI fuds Tan8ible fixed &Fsets Nct currenl gets b)Thg i¢rnJ liabiliti¢s 1,283,342 1760,0121 1498,6341 20,413 l.MJ.75S (760.0121 1498ffj341 Net Lssets at 31 Marth 2023 24,696 20,413 45,1119 clen• House, Wl&s¢Y UntEwicd RÈ%triLd EtKlowmEnt Totil funds Tangibl¢ fixed Sets Nei rren1 assets 173.(KJl 1953.5751 173,001 1953,575 Nei a55¢ts ai 31 Marth 2023 1780.574) 1780,574 Frith Jknuse UDrestyictcd R¢yrrirt¢d EJJdowTh¢ni Total funds Tble fixed assas Net ¢UTrent assets 77.477 (350,162) IW.135 267ffj12 {356.1621 &wts ai 31 March 2023 12?8.685} 190,135 188JSOI Goint tontern oflinked thriii¢s fith liabilities Altxandtr House This fvnd repre5¢nts th¢ of thE FTYe Churth FalEThl Cthm¢il's Alex•Mkr Ho. The c4>itsl atbj in¢xKrt ofthis fund is to used foT the upketp and genernl mana8ertKni of Alexwl¢r Hou5t. The tnJyc¢5 wisfi¢d the going )nrn 5t&1115 of thi5 linked chtY based on the fact that sellingth¢ fixed a55ets will WTrEr any liabililie5. Cressihgh4m Ho¥$4 W41195¢y This fvnd rprcsents th¢ Th¢i liabilitie5 of CrrssJnEham House, WallwMthi£h a¢qu5rd by Kehange Charity on 2?th Novemkr 1006. The t%sets Te amal88rMed with those olK¢yrthan8e Chty from unthra Unltingdirew. Th¢ Capi ond income of this fijnd 15 to b¢ used for the upkeep and 8¢ncrdi mana8etnenl of House. The truste£5 Jn•Je thE decisi( 10 close CTessin8h8m H(e w&i¢h ocojrred itt May 2021 Erith House This fund represents the K¢ liabiltiie50f Erith Hou¥ Torqu•y xqullj by Keychange Ch¥ityon 24th July 2W9. ThE awLS r¢ amalgamat¢d with th¢)5e of Keychange Charity fiom th dale under a unitin8 diTe£iive. The yJ inL%)me of this fund is to be used foT the upkeep atyj Éeneral Mar8¢Mo)lorEr]¢h Houst. 34
Keychangc C&rity Notu to tht sttrments F•r the tar ended 31 March 2023 19b Analysis of Mei Assets btbvttn hJs for linktd cknritits{PTW)r yurl Al¢x4lld¢r Houst EndowTneni Totsl fwds TanEible fixed assets Net turrent Iliabililiesl Lnng tsrtn liabilities 1.334.259 1681,5771 1615.7641 20.413 IJS4.672 681 J771 1615,7641 Net assets 31 March 2022 36,918 20.413 57J31 Cressingham Fknuse. Wallasey T•tl funds Tan8iblt fixed as5Cts Nei curreTri Iliabilit1¢5) 184.437 1866.3301 184A37 (866.3301 Net ai 31 MaT¢h 2022 1681.893 {681,8931 Erith House UnYesLriued Tot*1 funds Tangible fix¢d ¢UTreni Iliabiliiicsl It.841 1329.9721 190.135 290976 1329.9721 a55¢ts 4[ 31 March 2022 229,1311 1gYJ.135 138.9961 35
KeychanEe Charity Not¢s to the fin#ntI Forthe ear endtd JI Marcb 2023 20 Sybsidiry undertaking The djariiy 05 the wthole of the ISSU LYdifvy shaTe c4>itsl of Stumpwtll HthsiTh8Ptssociation Limitr a c(rfwy re8i#ercd i England. The compa]by numtrer is IP19539FL The rtgisted 01(£ &Wre5s is AldE Hous4 Chvr¢h Roai, Penn, High Wycomb2, Buckin8h#Th5hir4 HPIO 8NX. SLumpvKII Housin8 AsgKiation Aldt House. a isre home in Buthn8hamshiTt, thich is mana8ed by Keychange. IS rMnih$ 1031 March 202J 31 December2021 Tumover CO of salcs 971MJ 1389.4811 719.309 265.1601 Gross profiullossl 581th02 454.149 Athninistraiive ¢xpcns¢5 16618211 (490,3161 ProfiV(loss) OA ordii•ry AuiYiti¢s Ixfore iDtv¢n •nd ¥xatio• {802J91 136,1671 OtheroperatinB income 4th37 2.326 OptratjDg loss (75J821 133,8411 irtcrest ve¢eivable and Simil inL¥)n Interest payable 11.29D 15251 Profit l{ltyss) ordinary A¢tivitits btfort t•AtiD 176058) 134.365} Twtion on pfofiion ordujary adiviEi¢ Prnfit I{1} f•rtbt fin#Thtial ytr 176158) 134.3651 Ref•ivKd ewr•io8S Total rctsined ethLinKs bTtyJghi knwTd Profit 1110551 for the finan¢ial year 12805• 176858) 162.415 134.3651 Totsi retsittd erning$ tarried &)rward 51.192 128,050 Tht tggrtgait of th¢ a58¢¢s. liabiliiics and .. Assets Liabiliiies 272.126 1220.9341 277,566 (J49,5161 R¢servtt 51,192 128,050 36
Keythingt Ch*riry Fortht tar ended 31 M•r¢h 2•23 Par¢Dt charity The pomt djani5 8ross and the rtsjlts for¢he)vr3r¢ diO¢)styJ Is follows.. 2023 2022 Gross incornc Result for the year &119J86 1745.146 8,410,255 1560.7071 22 Op¢r•iiNg cornm11015 p•yxblt as x les The th1$ drtsnoi hold any l¢¥e parts £4)mmiime4)15. LeEal st•tus of tbt ¢barity The Chty is a c4xnpany limited by 8U&•tee aThJ no slwe capital. lThe liabilityof exh memè¢r In thE ev¢N of windinB up 1$ litniied to£1. 37